Public Markets 3 Days

Last updated: June 22, 2026, 11:30 PM ET

Public Markets Roundup

Currency & FX Markets

The Japanese yen consolidated near multi-decade lows amid persistent weakness, prompting officials to reaffirm their readiness for intervention. Chief Cabinet Secretary Minoru Kihara stated that authorities will step in as needed to support the currency. This comes as Finance Minister Satsuki Katayama held discussions with U.S. Treasury Secretary Scott Bessent, a move that provided only a brief, temporary boost to the yen. Japanese retail traders, heeding government warnings, have largely halted bets against the yen, though professional investors remain positioned for further declines. The yen's volatility continues as traders remain on high alert for intervention. Meanwhile, China is taking steps to link its offshore and onshore yuan markets, aiming to build a more global currency. European Central Bank President Christine Lagarde noted that any Group of Seven discussions on currency valuations must include China.

Commodities & Energy

Oil prices edged higher amid conflicting signals from U.S.-Iran peace talks and ongoing uncertainty in the Strait of Hormuz. Hedge funds had significantly boosted bearish bets on U.S. crude ahead of a preliminary peace deal, anticipating increased Middle Eastern oil flows. The U.S. has temporarily lifted sanctions on Iran's oil, citing "productive" talks, allowing for the export of millions of barrels of crude, 75. This easing of sanctions has created a brief window for Iranian imports into the U.S. market for the first time in 35 years. Despite the disruption to energy markets from the Middle East conflict, the UK anticipates secure power supplies this winter. European natural gas prices saw a slight increase following a rocky start to the U.S.-Iran peace talks, with President Trump issuing new threats. U.S. natural gas futures gained on expectations of higher cooling demand due to July weather forecasts, although rising production capped gains.

Equities & Stock Markets

South Korean stocks experienced a significant decline, falling more than 4% from their record high as investors sold off technology heavyweights amid concerns that the recent rally had become overextended. In India, battered IT shares may be poised for a rebound, with the July-December period historically delivering an average return of 16%. Chinese stocks trading in Hong Kong neared bear market territory after the holiday, weighed down by weak consumption data and a broader investor chase for AI shares. The market's enthusiasm for artificial intelligence is encountering political realities, with the IPO prospects for companies like Anthropic potentially influenced by electoral outcomes. Meanwhile, shares in Elon Musk's AI and rockets group, SpaceX, tumbled over 16% following a rise in U.S. bond yields, erasing significant market value. The company is also preparing for a large debut in the bond market, planning to sell at least $20 billion in bonds. SpaceX has also struck a $6 billion deal with AI startup Reflection AI to rent data-center space for developing open-source models.

Corporate Deals & Investments

The convenience store operator Alimentation Couche-Tard Inc., owner of Circle K, reported a surge in fuel profits, easily surpassing analyst expectations, driven by increased fuel margins despite softer demand in the U.S. and Europe. Accounting firm Eide Bailly is set to sell a stake to private equity in a $1.8 billion deal, with Reverence Capital Partners investing in the professional services provider, reflecting a broader trend of private equity funding in the industry. Apollo's flagship private credit fund faced significant redemption requests, meeting less than a third of withdrawal demands as investor outflows accelerate. IFM Investors is nearing a 50% stake in Australian toll road operator Atlas Arteria Ltd. ahead of a takeover bid deadline. In a notable pay package, the CFO of Welltower received record compensation of $167 million, surpassing the Tesla CFO's 2024 pay. The WSJ's annual ranking revealed that top-paid CEOs achieved new highs, with "moonshot" deals pushing compensation packages past $200 million .

Technology & Innovation

Contemporary Amperex Technology Co. Ltd. (CATL) has unveiled a new sodium battery storage system with plans to begin deliveries in China in September. CATL is also partnering with Octopus Energy to launch over 30 battery swapping stations for electric trucks across Europe by 2035. Qualcomm is reportedly in advanced talks to acquire AI chip startup Modular Inc. for approximately $4 billion . Artificial intelligence is demonstrating its potential in healthcare, with AI programs capable of spotting patterns in electrocardiograms that human doctors might miss; one such program is being made widely available to physicians for free. The economic impact of AI is less concerning than consumer fear-driven reactions, according to one analysis.

Market Infrastructure & Regulation

The Commodity Futures Trading Commission (CFTC) is seeking public input on perpetual contracts and 24/7 trading for traditional energy derivatives, following concerns raised by industry participants. The CFTC's approval of "perps" has triggered a selloff in U.S. exchanges' shares and led to at least one high-profile lawsuit. Trading on CME Group Inc.'s CME Direct platform resumed after a brief disruption due to technical difficulties.

Fixed Income & Debt

Japanese government bond futures declined, tracking overnight price drops in the U.S. Treasury market. Sony Group Corp. is preparing for its first dollar-bond sale in nearly three decades, having last tapped the U.S. investment-grade market when the original PlayStation was released. Venezuelan bonds dropped to a two-month low as investors anticipated a review of the nation's debt burden and economic outlook. Corporate bond issuance has seen a significant increase, described as a "blockbuster summer".

Other Market Developments

The U.S. market is seeing increased activity in the private aviation sector, with Madison Air filing for a Nasdaq IPO targeting a $500 million valuation, supported by strong revenue growth. Following significant price swings, hedge fund Pentwater Capital has agreed to pay Avis $650 million in a settlement related to short-swing profits. Germany is negotiating to acquire a 40% stake in KNDS, Europe's largest tank maker, a deal that could pave the way for an initial public offering. The U.K. budget airline Easy Jet and its investors are reportedly seeking an increased offer of at least £7 per share from Castlelake, valuing the company at around £600 million more than initially proposed. German energy firm RWE plans a capital raise of $4.75 billion to increase its stake in Amprion. The UK's Centrica Plc is looking to expand its U.S. liquefied natural gas (LNG) deals and trading operations, seeing LNG as a critical energy component for decades to come. Qatar is actively seeking to bring back empty LNG tankers to support its goal of returning approximately one-fifth of global supply.

Legal & Regulatory Actions

A federal judge ruled that the Agriculture Department lacked the authority to approve state waivers that would have restricted what SNAP participants could purchase, specifically targeting sugary drinks and candy. A federal judge also ruled that the Trump administration's method of providing federal data to states for voter roll checks violated laws prohibiting disclosure. The Justice Department has made it easier to bypass pollution controls on pickups by ceasing criminal prosecutions of individuals who install "defeat devices" that increase speed and efficiency but also pollution.

Executive Compensation

Tim McHugh, CFO of Welltower, received a compensation package valued at $167 million, setting a new record and surpassing the Tesla CFO's 2024 pay of $139 million . The WSJ's annual CEO ranking revealed that "moonshot" deals pushed executive pay to new highs, with some bosses surpassing $200 million in earnings.

Industry & Sector News

The U.S. market for AI chips is seeing increased M&A activity, with Qualcomm nearing a deal to acquire AI chip startup Modular Inc. for about $4 billion. Tesla is facing federal investigations into a crash that killed a woman in Texas, where the driver-assistance system was reportedly in use at the time, 131. USA Rare Earth has pushed back against allegations from rival MP Materials Corp., calling its lawsuit an attempt to hinder growth. Domino's Pizza has appointed an insider, operations chief Joe Jordan, as its new CEO to navigate a challenging period for the pizza industry. Pizza Hut, which has struggled in the U.S. market, is being sold in two separate deals totaling $2.7 billion. For the second time in a decade, the operating company of On the Border Mexican Grill has filed for Chapter 7 liquidation, though franchised locations remain operational.